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Shadow cash (SDC) is a scam?

I don't dare post this question on the BTF because I don't want to be accused of being a pump and dumper shilling for Monero (I'm not). It's a legitimate question. I read that the devs for SDC were the pump and dumpers for Cloakcoin, which they destroyed. What I'm really suspicious of are; 1. It was mined proof of work for only 2 weeks before it was switched to proof of stake. This means that ALL the coins are in the hands of the devs, their investors, and maybe a handful of early miners. These few people could drive the price of the SDC into the ground if they all dumped. Contrast with Monero, it is still being mined? (I am still trying to figure out how to mine it, lol) 2. They have flashy marketing and hired a marketing consultant firm. When you are basically a low cap stock, you are faced with a hard choice if you have limited funds. Do you spend your money on marketing or talented developers? Bitcoin had ZERO marketing. Satoshi Nakamoto did not hire any marketing consultants. Contrast with Monero. Monero has horrible marketing, but talented devs, just like early Bitcoin. Even the name sounds kinda like a V.D. Lol. The website design is kinda scattered and incoherent. I almost overlooked it as an investment until I came across a very short list of equitably mined coins with no instamine nor ninjamine. Scammers of course would favor spending money on marketing while a real startup would concentrate on getting a working product up and running. I really like the web wallet. It worked well. I only lament that it doesn't have a native bar code scanner. SDC has a crappy, unstable wallet that freezes and crashes. It feels like an alpha testing product. 3. They have no ETA for their shadow market. I wish Monero has an ETA for multisig. 4. They have no peer review for their zero knowledge cryptographic algorithm. Their cryptographer is anonymous. Monero has at least some public figures in their core team. Although, the cryptographer for Monero is anonymous also.

Overally, Monero feels more legit, though there are some worrying things. However, Shadowcash feels very much like a scam.

There is a definite need for anonymous digital money. Alternatives to Monero are not satisfactory; 1. Dash - sending money through their gimmicky mixer is excruciatingly slow. 2. Tor hidden service mixers - theives at worst and excruciatingly slow at best. 3. Dark Wallet - in alpha testing forever due to lack of funds. It says that a "known issue" is acccidentally sending your funds without mixing even though you think it has been mixed! Not good. 4. shadowcash - due to lack of academic review, their shadowsend feature is a big black box that could be one big fat fraud just like Cloakcoin. If it works, shadowcash is superior to Monero, but it feels very scammy. I seriously doubt that it will work. 5. Monero - great web wallet that just works.

What do you think? Shadowcash is legit or a scam? Why?

Amir Taaki was interviewed on Youtube. He is the hero of Bitcoin, which wouldn't be popular today without his coding. He said he purposely coded online gambling for bitcoin to create demand for bitcoin. He also coded the dark wallet. Right now, he is working on a decentralized dark market.

I am going to make some websites with stuff (legal stuff) that you can only buy with monero and nothing else, so as to drive up demand. Stay tuned...!

Replies: 2
marthagriffin posted 8 years ago Weight: -217 | Link [ - ]

I don't think so. Josh Garza is not in the team

drfred edited 8 years ago Weight: -231 | Link [ - ]

not sure if sdc is a proven scam yet, but it appears they're just re-writing the initial cloakcoin story. so yeah, they're a scam in my book at least. combine that with the non existing isidor zeuner code review, who isn't a crpytographer after all, and you get quite a consistent picture, that the official sdc story doesnt add up.

oh and one more thing: amir taaki might be a capable coder, but he is also a scammy piece of shit responsible for the loss of hundreds/thousands(?) of coins by innocent bitcoincica/intersango users. he ususally starts a project, tries to hype it and then leaves it behind before anything is getting really finished.